Class B Office Investment Opportunity

Office for Sale
Catylist Listing ID: 30760972
Property Subtypes: Office Building
Building Size (RSF): 6,834 SF
Gross Building Area: See Agent
Gross Land Area: 1.72 Acres
Sale Price: $700,000
Unit Price: $102.43 PSF
Property Use Type: Investment
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: 7.43%
Average Occupancy Rate: 100
Last Updated: 9/14/2021

Overview / Comments

Single tenant building that was custom built to suit for the Commonwealth of Kentucky Cabinet for Health and Family Services. The property is leased until June 30, 2028 making this a high return office investment with nearly 7 years of lease term remaining. This office building is offered for sale at less than 50% of replacement cost and includes multiple offices, conference room and break room. Office building includes well maintained striped surface parking lot and has high visibility from busy AA Highway. This modified gross lease provides for tenant paid utilities and some tenant paid maintenance. The net operating income is approximately $52,000 per year providing a 7.43% cap rate.

Additional Details

Nearest MSA: Maysville
County: Lewis
Submarket Type: Central Business District
Taxing Authority: Lewis County
Tax ID/APN: 079-00-00-045.00
Zoning: COMMERCIAL
Property Visibility: Excellent
Highway Access: AA Highway
Site Description: This surburban location office has excellent visibility on Commercial and is located on AA Highway. Property has level topography, nice parking lot, is well maintained.
Area Description: Well established property in Vanceburg, well known in the community, located next to Dollar General Store.
Total Number of Buildings: 1
Number of Stories: 1
Typical SF / Floor: 6,834 SF
Year Built: 2008
Roof Type: Gable
Construction/Siding: Brick
Exterior Description: Well maintained class B brick office building.
Parking Type: Surface
Parking Description: Abundant striped surface parking
Total Parking Spaces: 31
Sprinklers: Wet
Heat Type: Natural Gas
Heat Source: Heat Pump
Air Conditioning: Engineered System
Interior Description: Multiple offices, conference room, and breakroom, fully carpeted.
Zoning Description: Commercial
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 710 710 2,351
Median Age: 36.62 36.62 40.93
Households: 286 286 934

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